Ce Liu’s research while affiliated with Michigan State University and other places

... Finally, Azrieli and Rehbeck (2022) study when two marginal distributions, one over the decision maker's choices and another over menus, can be rationalized via menu-dependent stochastic choice. Relying on an extension of Hall's theorem, Azrieli and Rehbeck (2022) show these two marginals are consistent with stochastic choice if and only if the marginal over choices is in the core of the game induced by the marginal over menus. 2 A literature in decision theory and experimental economics studies when state-dependent stochastic choice data can be rationalized via costly information acquisition and whether the data identifies the information acquisition costs (see, e.g., Caplin and Dean (2015), Caplin et al. (2022), Chambers et al. (2020), Dewan and Neligh (2020), Denti (2022)). Like we do, many of these papers assume the decision maker's utility is known. ...

Reference:

Revealed Information

... We consider rationalizable learning on two levels of generality. First, we consider ratio-1 For instance, Caplin and Martin (2015), Caplin and Dean (2015), Chambers, Liu, and Rehbeck (2017), Caplin, Dean, and Leahy (2017), and Denti (2022) use state-dependent stochastic choice to characterize different forms of Bayesian learning, and Lipnowski and Ravid (2022) use knowledge of learning costs to predict state-dependent stochastic choice. nalizable learning given choice data from a single decision problem. ...

Reference:

Rationalizable Learning

... Our results contribute to a long-standing active area of research in revealed preference theory (Green, Lau, and Polemarchakis, 1979;Green and Srivastava, 1986;Epstein, 2000;Heufer, 2014;Kübler, Selden, and Wei, 2014;Echenique and Saito, 2015;Chambers, Echenique, and Saito, 2016a;Chambers, Liu, and Martinez, 2016b;Kübler and Polemarchakis, 2017;Polisson, Quah, and Renou, 2020;Chambers, Echenique, and Lambert, 2021;Kübler, Malhotra, and Polemarchakis, 2021;Blow, Crawford, and Crawford, 2022). This literature focuses on the identification of testable necessary and sufficient conditions for observable demand data to be compatible with various kinds of (subjective) expected utility or other models of choice under certainty, risk and uncertainty. ...

Reference:

Non-diversified portfolios with subjective expected utility